The gasification and combustion of activated fuels produced from fluidized bed are beneficial for achieving clean and efficient coal utilization. In this study, a high-calcium coal was used for the activation process, carried out in a high-temperature vertical fluidized bed. The carbon and ash characteristics of activated fuels were studied. The reactivity of activated fuels was characterized using Raman test, and scanning electron microscopy coupled with energy-dispersive spectrometry (SEM-EDS). Inorganic components were characterized using X-ray diffraction (XRD), and X-ray fluorescence spectrometry (XRF). With the increase of temperature and equivalence ratio (ER), the graphitization degree of activated fuels decreases, and a higher proportion of active sites leads to, a better activation effect. The activation effect is optimized at the equivalence ratio of 0.45. As the temperature rises, the calcium-containing minerals in the raw coal are gradually transformed into anorthite (CaAl2SiO7), and the anhydrite (CaSO4) reacted with the reducing gas (CO) to produce oldhamite (CaS); Fe2O3 as a fluxing agent, is prone to melting with silica-aluminates at high temperature. As the particle size of activated fuel increased, the relative enrichment index (REI) of heavy metals decreases.